Near Term Trend: Positive to Neutral
Friday’s Close: 2052.32 (+ 12.28)
UPDATE: Five weeks ago as the market approached 2120.00 we stated, “No clear sell signal exists, but the overextension makes sustaining the rally vulnerable”.
25 trading days later, the Index had backed off nearly 100 points - its low this past Thursday, but jumped higher on Friday to close the week roughly 4 points higher than the previous Friday’s close.
Regardless, for now we remain committed to our theme set weeks ago when we advised, “A move under 2065.00 would most likely define an area whereby concerted profit taking (selling) could snowball and gain momentum to the downside”.
In light of this you should recall in our last report, we stated - Near Term support is 2039.00. Last week’s lowest settlement was 2040.20.